Question

2. George Butler owned a tugboat and was tired of his current job. He decided to open a business that provides day tugboat tours to tourists along the Mississippi River near his hometown. Prepare journal entries to record the following transactions. Enter the date for each transaction The accounts) that are debined are lated before the accout) that are credited Use commas in the dollar ammont Leave one empty line between each trasaction May 1 May 3 May 5 May 10Butler received $2,000 cash from clients for his first tour May 12 May 19 May 31 May 31 advance on May 5. Butler invested $20,000 cash in the business in exchange for common stock. Butler bought boating supplies costing $2,500 on credit. Butler paid $1,800 cash for a six-month insurance policy Butler provided a $3,500 tour on credit, the customer has agreed to pay later Butler paid for the boating supplies originally purchased on May 3 Butler paid his crew member a salary of $1,000. Butler prepares an adjusting entry to record one month used of the insurance that was paid in Prepare the journal entries to record the transactions. Capitalize just the first word of account names. Use commas in r dollar amounts, no dollar signs and no decimal places. Leave one empty row between entries 1-MaylCash 20,000 Common Stock 20,000 10 12 31 31

Answer 1